Welcome to Volume 8, Issue 2

By Chris Schneiderman - Greetings State Bank customers and friends:


It's hard to believe the fourth quarter is already upon us.  At State Bank, the arrival of fourth quarter means it's time to start strategic planning for the coming year.  It's customary at State Bank to involve all of our employees in the strategic planning process.  We gather invaluable data and input from all of our employees pertaining to the bank's strengths, weaknesses, threats, and opportunities.  During this planning process, we focus on a variety of key objectives, including technology advances that may better serve our customers; attracting, retaining and growing our people to better serve our customers; and new product development to better serve our customers.  


As you probably have noticed, there is a common theme throughout our plan: serve our customers in the best way possible.  As with any business, outside influences like compliance, taxes, our economic environment, and regulatory constraints can sometimes impact our ability to serve our customers.  However, at State Bank we try our best to manage those outside factors with the ultimate goal of providing the best customer service with the most advanced products available.  


Please do not hesitate to let us know how we can best serve you with our products and services.  The primary focus of our business plan is you, our #1 asset.  We hope you enjoy the variety of articles in this newsletter and wish you the best of success with your own future strategic plans. 

CardPointe Mobile Merchant Processing Stephenson Co. Home Sales
 Stephenson Co. Home Sale Price
State Bank Retains Top Deposit Market Share  MarketShare

By Chris Schneiderman - The FDIC recently reported that State Bank holds the largest share of Stephenson County deposits once again.  Thanks to our loyal and ever growing customer base, State Bank's deposits grew $14,344,000 to over $196,000,000.  This represents a 14.70% share of the local deposit base.  

US Bank is a distant second with $168,114,000 of local deposits or 12.58% of the total market.  Citizens State Bank is third with an 11.93% share and Midwest is fourth with an 11.48% share.  

The total amount of deposits in Stephenson County banks grew approximately 2.8% from  June 30, 2016 at  $1,299,992,000 to June 30, 2017 at $1,336,717,000. Detailed data can be found at:    https://www5.fdic.gov/sod/sodMarketBank.asp?barItem=2   ***

*** State Bank is not responsible for the content of external websites linked to or referenced from the State Bank newsletter. State Bank neither endorses the information, content, presentation, or accuracy nor makes any warranty, expressed or implied, regarding these external websites. By selecting the link you will be leaving the State Bank newsletter and will be taken to a third party site that may offer a different privacy policy and level of security. The third party vendor/partner is responsible for website content and system availability.
Amanda Jacobs

By Amanda Jacobs -  More than ever, consumers rely on their credit and debit cards to make purchases.  In our fast-paced society, it's important to keep up with consumer needs in order for your business to grow.  With that in mind, many merchants are now discovering the advantages of using mobile merchant processing. 
Mobile merchant processing gives the merchant the ability to be more flexible.  By simply attaching a card reader to a mobile device and working within a mobile app, merchants can take payments on the go.  This tool allows merchants to take card payments from almost anywhere.  Mobile merchant processing can also prevent customers from waiting in line and improve customer service.  It can be used in the restaurant setting by allowing wait staff access to the app on a mobile device or even allowing customers to pay right from their tables.  If your normal terminal ever malfunctions, mobile merchant processing is a great backup tool so customers can still make their purchase with their preferred method of payment.  
State Bank partners with CardConnect's CardPointe to provide merchant processing services.  For those of you who already use CardPointe, we are happy to announce that mobile merchant processing is already included in your service!  CardPointe Mobile is a simple, secure way to accept payments anytime, anywhere.  Please check out this video provided by CardConnect to see it in action: http://bit.ly/CardPointeMobile   ***
Whether you're ready to accept payments anytime, anywhere or need to have a backup in case your terminal stops working, mobile merchant processing provides the necessary technology to meet the needs of your customers. 
If you have any questions regarding mobile merchant processing with CardConnect or any other questions about merchant processing, please do not hesitate to contact me at Amanda.jacobs@statebankfreeport.com or 815-297-0900. 

*** State Bank is not responsible for the content of external websites linked to or referenced from the State Bank newsletter. State Bank neither endorses the information, content, presentation, or accuracy nor makes any warranty, expressed or implied, regarding these external websites. By selecting the link you will be leaving the State Bank newsletter and will be taken to a third party site that may offer a different privacy policy and level of security. The third party vendor/partner is responsible for website content and system availability.
Freeport Sales Tax Revenue
Acknowledgement: Illinois Department of Revenue
Derrick Schubert
An Underutilized Asset That Can Help You EXCEL Excel

By Derrick Schubert -  In today's business world, we are inundated with data: customer information, sales reports, accounting reports, and endless financial metrics.  All this data can serve a purpose in helping make business decisions, but it can often be overwhelming when debating how to approach and analyze it.  Many small businesses are not willing to spend the money on programs that analyze the data and provide reports for them, so they reluctantly revert to a vastly underutilized asset, Microsoft Excel.

The average Excel user believes it is utilized strictly for data input.  More advanced users may even use the various sorting functions to organize their data.  Once forfeiting the fear of the unknown and venturing into the jargon of formulas and formatting, Excel can be used to its fullest potential.

Example #1: Graphs of varying styles and levels of detail can be created with a simple set of data.  The end result can provide a more efficient mode of identifying seasonality in your business or what months may fall short of budget.  This can help solve questions of how to manage expenses during the slow months, how to maximize efficiency or how to expand a product or service offering to stabilize revenue year round.  Below is a basic depiction of how a few columns of data can be transformed into a picture of how revenue for the year is progressing.

Excel Example #1

Example #2: Excel has the ability to hyperlink to other worksheets, other excel files and even websites within a worksheet.  If you have various business segments spread over multiple tabs, the first tab can serve not only as a clean and concise summary of your overall current position, but also a Table of Contents of sorts that allows you to click on the cell and automatically take you to that respective tab.  In the example below, the Overview tab shown has no raw data in any of the fields, but rather, each figure is a formula drawn from the respective Segment's tab.  Therefore, when any data in Segment 1-3's tabs are updated, the Overview is always current.  This is another way to assist in simplifying the abundance of information at our disposal. 

Excel Example #2

Organizing, analyzing and sorting through data for useful information that can have a positive impact on your business can be a challenging feat.  However, Excel has the ability to turn all of that data into a variety of formats that are much easier to review.  If you have ever wondered, "Can I do that in Excel?" more than likely, the answer is yes.  Typically, a simple Google search will provide the steps you need to follow.  The goal is to not get overwhelmed with the intricacies of Pivot Tables, Macros, What-If Analysis, or Conditional Formatting, and simply assess the needs of your business and find out how Excel can be of greater use to you. 
Home_Sales Home Sales

Stephenson County Single Family/Condominium Sales 
Acknowledgement: IllinoisRealtor.org

By Shawn CoxMany experts are predicting there will be a record number of businesses for sale over the next decade as baby boomers look to sell what they have built.  As these opportunities become available, it's tempting to dive right in; however, there are many things to consider before you decide to take ownership of a business.  Here are some questions (in no particular order) you can ask yourself, and maybe the seller, to make sure you're ready for the challenge of business ownership:

1. Why does the seller really want to get out?  The seller may tell you they are ready for retirement, having health issues or that other opportunities have come up.  No matter the reason, build a relationship with the seller and do your due diligence to make sure their reasons are honest.

2. Do the numbers make sense? If you are purchasing a business with the intention of making it your main source of income, you should understand the ins and outs of the financials.  If you see a negative trend in sales, is it due to the owner having a lack of drive as they are looking forward to retirement or is the industry trending in a different direction?  Questions like this can help you forecast the amount of income you can anticipate once you own the business.  

3. Are there any skeletons in the closet to worry about?  Has the business ever been a crime scene or has it been vandalized?  If so, what steps have been taken to mitigate the time and costs to avoid this in the future?  Has the seller run into legal trouble with the state, government, or the IRS?  What is the property zoned for?  What do customers have to say about the business?  Make sure to do your research on all aspects of the business.

4. Is the seller willing to keep some skin in the game?  Will the seller be staying on to consult for a predetermined amount of time?  Will the seller be looking to finance the purchase as a long term retirement plan, creating a vested interest in your success, or will the seller want to be out the door as soon as the check clears?  If they aren't willing to lose any money on the long term success of the business, should you?

5. How will taking over a business impact you personally?  The prospect of being your own boss is somewhat of a misnomer.  As a business owner, you work for your customers who may need your help or product even when you may not be at the office.  If you want to be successful, you will need to be there for your customers when they need you.  How will you balance your work and personal life?  Will your spouse or significant other be there for you during the ups and downs of the business?  Who will be running your business while you are on vacation?

6. What is your exit strategy?  Having an exit plan from your business should always be considered.  You may be in your early stages of life and want to grow the business for a set number of years and then look to sell it for a profit before moving on to another endeavor.  You may be in the later stages of life and are purchasing the business because you have always been passionate about the services it provides.  In either case, work with your attorney and accountant to determine a succession plan and how to transfer the business to a designated successor should something unexpected happen to you.

These are just some practical questions to take into consideration when looking to purchase a business.  Business appraisers, attorneys and accountants can also help you make sure the value you are paying for the business is appropriate and help you think through all the variables. If you have any questions or want more information, don't hesitate to contact State Bank.  We look forward to working with you on your next venture.

Median Home Sale Price
Acknowledgement: IllinoisRealtor.org

SilentAuction Place Your Bids in the 2017  State Bank Foundation Silent Auction

By Andrea Moring -  The annual State Bank Foundation Silent Auction is going on now!  Stop in the State Bank lobby between 8:30 a.m. and 5:00 p.m. now through October 13 to place your bids in this year's Silent Auction.   Bidding ends at 5:00 p.m. on October 13.   We have a variety of fantastic items up for bid, including gift certificates, baskets, and so much more!

All of the proceeds of the Silent Auction benefit the State Bank Foundation.  The State Bank Foundation supports art, health, youth, and educational programs that make a positive difference and encourage meaningful and sustainable change within the communities we serve.  Since 2012, the State Bank Foundation has awarded $36,500 to local organizations.
We hope to see you in the State Bank lobby during the auction, and thank you for your generous support of the State Bank Foundation!  
State Bank Foundation
Employment Graph
Acknowledgement: Illinois Department of Employment Security
Unemployment Graph
Acknowledgement: Illinois Department of Employment Security
This advertisement is brought to you by State Bank.
Member FDIC